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Key product management responsibilities and how to prioritize

Product managers are involved in all aspects of the product life cycle, from the first idea to retiring the product. Perhaps obvious, but failing to prioritize and delegate responsibility leads to constant fire fighting and lack of focus. Agreeing that the primary goal of the product manager is to identify and exploit a product-market fit as discussed in “what does a product manager do?” is a good first step. But beyond this, what are the key product management responsibilities and how do these help you decide what tasks to prioritize?
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